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Solution: Approximately how much money will be in the account after 10 years?

(Last Updated On: December 8, 2017)

Approximately how much money will be in the account after 10 years?

Problem Statement: ME Board October 1996

A deposit of P1,000 is made in a bank account that pays 8% interest compounded annually. Approximately how much money will be in the account after 10 years?

  • A. P1,925.00
  • B. P1,860.00
  • C. P2,345.00
  • D. P2,160.00

Problem Answer:

The money will be equal to P2,160.00 after 10 years.

Solution:

Solution: Approximately how much money will be in the account after 10 years?

Latest Problem Solving in Engineering Economics (Simple & Compound Interest)

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